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Christopher Lewis
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AUD/USD

The Australian dollar pulled back just a bit to kick off the trading session on Monday but then rallied. However, when you look at the overall structure the market, it is hard not to notice that the Aussie has been grinding a bit lower as of late and obviously the 50 day EMA is sitting just above. The 50 day EMA is quite often followed by technical traders, and it is worth noting that we are starting to rollover just a bit. This is a market that is more than likely going to see a certain amount of overhead and therefore I think it is worth noting that the MACD is also below the zero line, so that also is a signal that perhaps we are running out of trouble.

AUD/USD Video 30.03.21

On the other hand, if we were to break above the highs of last week, then we could make a move towards the upside and perhaps an attempt to reach above the 0.7850 level. A break above there then opens up the possibility of a testing the 0.80 level, which is a huge round figure that a lot of people will pay attention to. It is also an area where we have seen a lot of resistance on a monthly chart, so it would be a major breach of a larger area that a lot of people would be paying close attention to in order to get long and hold on to the Aussie. However, the US dollar has been so strong that is difficult to imagine that the Aussie will suddenly blow through this level.

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